1. 1. Calculate ending inventory and cost of goods sold at March 31, 2015, using the specific identification method. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.

ending inventory:

costs of goods: 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2015 3.- 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2015. (Round your intermediate and final answers to 2 decimal places.) 5. Calculate sales revenue and gross profit under each of the four methods; specific identification, fifo, lifo, weighted average cost. (Round weighted-average cost amounts to 2 decimal places.) 6. Compare fifo and lifo which one provides the more meaningful measure of ending inventory.

7. If Gregs bicycle shop chooses to report inventoryUsing lifo instead of fifo, record the lifo adjustment.

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Problem 6-2A Calculate ending inventory, cost of goods sold, sales reve The following information applies to the questions displayed below. Greg's Bicycle Shop has the following transactions related to lts top selling Mongoose mountain bike for the ending inventory, cost of goods sold, sales revenue, and gross proft for four inventory methods [L.03,4, 5) month of March 2015. Greg's Bicycle Shop uses a periodic inventory system Cost per Unit Units Total Cost March 1 Beginning inventory March 5 Sale ($370 each) March 9 Purchase March 17 Sale ($420 each) March 22 Purchase March 27 Sale ($445 each) March 30 Purchase 20 $235 4700 2,550 10 265 2,650 2,565 $12,465 15 10 255 12 9 285 References Problem 6-2A Calculate ending inventory, cost of goods sold, soles revenue, and gross profit for four inventory methods LO3, 4 5) Section Break